Section 56 Amount of penalty for failing to comply with requirementsI1I2

A penalty imposed for a failure to comply with a requirement to provide information imposed by or under Chapter 2 or Chapter 4 must be an amount calculated by reference to a daily rate of £300.

Any other penalty for a failure to comply with a requirement imposed by or under Chapter 2 or Chapter 4 must be a fixed amount of £300.

In this section, references to a “daily rate” in relation to a person’s failure to provide information are to an amount that may be imposed for each day by the end of which the information has not been provided, beginning with the last day on which compliance would have resulted in a penalty not being payable.

The Minister may by regulations amend the amounts mentioned in subsections (1) and (2) for the time being to reflect a change in the value of money.

Regulations under subsection (4) are subject to the negative procedure.